The decline in the value of Shiba Inu has caused a significant drop in the number of millionaire addresses based on their SHIB holdings. According to market analytics resource IntoTheBlock (ITB), the ongoing correction in the crypto market has also heavily impacted Shiba Inu, as it has fallen 31.22% in June, offsetting the gains it made in May. The number of addresses with SHIB holdings worth at least $1 million has dropped to just 986, representing about 0.08% of the total Shiba Inu addresses. This is a significant decline from March when there were 1,319 millionaire addresses. The drop in millionaire addresses is due to investors selling off their holdings amid sustained bearish sentiments and an influx of short positions. This has resulted in fears of steeper declines and a high net inflow of SHIB to exchanges, leading to increased selling pressure. It’s important for investors to conduct thorough research before making any investment decisions.
